Don't Ignore This Chart!

Steel ETF Challenges 200-day Moving Average

The Steel ETF (SLX) is making some noise with a break above the flag trend line and challenge to the 200-day SMA. This moving average flattened just below resistance, which extends back to the May highs. With the 50-day turning up, price action is looking bullish and a flag breakout projects a move above the resistance zone.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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